Bank of Scotland funded the deal but takes no stake in the company, which operates Vauxhall, Saab, Mazda and Seat on one site in Harrogate. It also has Vauxhall car and LCV sales outlets in Wetherby.
Paul Stokes, previously Nidd Vale’s commercial director, is the new managing director, with Nigel Pullan – who was a non-executive director – appointed chief executive.
“Our two roles are equal,” says Stokes. “I have operational responsibility, with Nigel concentrating on our strategic direction. We have a development plan and we hope to announce our first acquisition before too long.”
Tony Watson, account director since the 2003 buy-out, now takes the larger role of finance director.
Stokes and Pullan succeed Colin Hainstock, chairman and managing director since he led an MBO in 2003 from the company when it was headed by Richard Jackson.
Jackson, who has been appointed chairman, went on to head Mercedes-Benz North Yorkshire until last year when it was bought by Rybrook Holdings. Pullan has been a non-executive director of Nidd Vale since 2003. He was chief executive and a minority shareholder of Mercedes-Benz North Yorkshire.
Hainstock decided to retire after being with Nidd Vale since 1992. He says: “I have worked in the motor business for over 40 years, mostly six days a week, and believe I’ve earned a bit of a break. I hope to give something back to the industry by way of training or consultancy.”